tain stocks.

12. And be it enacted, That the said company shall be at company liberty to subscribe for and take stock in any canal or rail- gcribe and way company or any other incorporated company for man- take cerufacturing purposes, which may be located or established upon any lands of said company, and to take stock in a ferry or ferries from its lands to the city of Philadelphia or elsewhere.

13. And be it enacted, That the company hereby created Power, &c. shall possess the general powers and be subject to the restrictions and liabilities set forth in "an act concerning corporations," approved February fourteenth, eighteen hundred and forty-six, and the several supplements thereto as far as the same are applicable.

14. And be it enacted, That this act shall take effect immediately.

Approved March 27, 1874.

CHAPTER DXI.

An act to incorporate "The Engineers Contracting Company."

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That William Moore, Jr, James P. Names of Michellon, William Sexton, Mordecai T. Endicott, James E. corporators Hayes, Jacob H. Yocum, their associates and successors, be and they are hereby created and declared to be a body politic and corporate in law by the name of "The Engineers Contracting Company," and as such shall have perpetual succession, and all the privileges and franchises belonging or incident to a corporation.

stock.

2. And be it enacted, That the capital stock of the said Capital company shall be twenty-five thousand dollars, divided into shares of fifty dollars each, with the privilege of increasing the said capital stock as hereinafter provided, which said capital stock shall be personal property, and be transferable on the books of the company.

3. And be it enacted, That the above named corporators,

Commissioners to

receive subscrip

tions.

First direc

elected.

or a majority of them, shall be commissioners to receive subscriptions to the capital stock of said company, at such time and place and upon such notice as they may direct, and at the time of subscribing for said stock, such amount on each share subscribed for shall be paid, satisfied or satisfactorily secured to said commissioners as they or a majority of them shall direct, and the residue of the subscription shall be paid, satisfied or secured as the directors of said company when elected may determine, in such installments, at such time and places, and in such manner as said directors shall from time to time direct, giving notice of such time and place in a newspaper printed and published in the city of Camden, for two weeks, at least once in each week, or by a personal service of such notice upon each stockholder, setting forth the amount of installment to be paid, and the time and place of such payment, at least ten days before the payment thereof, proof of such service to be required, and upon failure of any person or persons to pay, satisfy or secure the payment of such installment or installments, or any of them as aforesaid, within ten days after the expiration of such notice, the directors shall be empowered to forfeit the share or shares of each and every person so failing or any of them, to and for the use and benefit of said company; and any share or shares of stock forfeited as aforesaid, may be held by the said company, or any person or persons for its benefit, and may at any time be sold or disposed of for the benefit of the company, as the directors may determine, or may be divided proportionately among the remaining stockholders, to be by them held and enjoyed, or sold and transferred, with all the rights and benefits incident thereto, the same in all respects as if they were original shares by them subscribed.

4. And be it enacted, That whenever five thousand dollars tors to be of the capital stock aforesaid shall have been subscribed and paid in, said commissioners, or a majority of them, shall, as soon as they deem expedient, give notice in such manner as they may determine of a meeting of the stockholders, at such time and place in the state of New Jersey as said commissioners may designate, to choose not less than three nor more than five directors, who shall hold their office for one year and until others are duly elected, and at such meeting of stockholders, convened as aforesaid, said stockholders shall prescribe the time and place for holding the annual

election and the number of directors of the said company, which time, place and number of directors shall not be changed except at annual election of said company; and the directors chosen at such meeting, or at the annual election of said company, shall, as soon as may be after their election, choose from their number a president of said company, who shall hold his office for one year and until his successor is duly appointed, and in case of the death, resignation or other incapacity of the president or any director, the vacancy thereby created in the board of directors may be filled by the remaining directors for the current year.

votes stock

5. And be it enacted, That at all elections by stockholders Number of for officers of said company, and at all meetings of stock-holder enholders, and upon all questions submitted to them, each titled to. stockholder shall cast one vote for each and every share of stock standing upon the books of said company in his or her name, which vote may be cast either by said stockholder in person or by proxy.

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adopt com

6. And be it enacted, That the board of directors of said Board emcompany shall have power to make and adopt a common make and seal for said company, to appoint a treasurer, and secretary, mon seal. and such other officers, agents, and servants, and employees of said company as they may deem necessary, and to prescribe and regulate their duties, salaries and compensations; to prescribe the form of, and to issue or authorize to be issued, such promissory notes, bills of exchange, and business paper of said company as they may determine; to borrow such sum or sums of money from time to time as they may deem advisable for the purposes of said company, and to pledge the property and credit of said company for the payment thereof, or to issue the promissory notes or bonds of said company therefor, and to secure the payment of said promissory notes or bonds either by mortgages on the real or personal property of said company wheresoever situate, in whole or in part, or in such other way as said directors may see fit; to make such by-laws, rules, and regulations for the issuing and transfer of the stock, and for the government of said company, its officers, clerks, agents and employees, as said directors may determine, and generally to direct the control, and manage the business and affairs of said company in such manner consistently with the provis ions of this act as they may think proper.

7. And be it enacted, That the principal place of business Location of

principal

place of business.

Capital

stock how

of said company shall be located in the city of Camden, and the said company shall be and is hereby authorized and empowered to enter into and execute any contract and agreement with individuals or corporations for the erection and completion of any building or buildings, performance of any work of whatever nature and character, and works and structures of any and every kind and description, and to construct, build, erect, perform, and to complete the same, and to purchase and provide all materials, machinery and fixtures as may be needful and necessary to complete the construction and performance of any work or works or structures as said company may engage to do and perform and to purchase, sell, mortgage, hold, use, lease,occupy, possess, and enjoy such real and personal property, engines, machinery, fixtures, and material in this or in any other state or territory as may be necessary or needful for the proper management or conduct of said business; and said company is hereby authorized and empowered whenever in the opinion of the directors thereof it may be for the interest of the said company so to do; to subscribe for or to accept and receive as part payment for any work done or goods, ware, merchandise, sold or furnished by said company the whole or any part of the capital stock of any incorporated company in this or any other state or territory, and to purchase, hire, build, or construct such and so many ships, vessels, boats or barges as may be necessary or useful in carry. ing on the business of said company.

8. And be it enacted, That said company may by a vote of increased, the stockholders (holding a majority of all the shares of stock) from time to time increase its capital stock to any sum not exceeding one hundred thousand dollars, and it shall be lawful for the directors of the said company to issue certificates for such increased capital stock to each of the orig. inal stockholders, in proportion to the amount of original stock held by them respectively, or at their option to receive subscriptions for such increased capital stock in the same manner as said commissioners are herein before authorized to receive subscriptions for original stock, and to require payment for such subscriptions therefor in such installments and at such time and place and in such manner as they may elect, and in the event of the non-payment of such installments or any of them at the time or place or in the manner

prescribed by said directors, the said stock may be forfeited. and disposed of in the same manner provided by the third section of this act, in reference to the original capital stock of said company, and upon every increase of the capital stock of the said company, an affidavit made by the president and by one or more of the directors of said company, specifying the amount paid in under said increase of capital stock, shall be filed in the office of the secretary of state.

to submit

9. And be it enacted, That the directors of said company Directors shall submit to the stockholders thereof at their annual annual meeting, a statement in writing of the condition and affairs statement. of said company; and said directors shall divide the net profits of the business of said company, or so much thereof as said directors may see fit, among the stockholders in proportion to the amount of stock held by them respectively, at such time and in such manner as said directors may determine.

10. And be it enacted, That the company hereby created Powers, &c. shall possess the general powers and be subject to the restrictions and liabilities set forth in an act entitled "An act concerning corporations;" approved February fourteenth, eighteen hundred and forty-six, and the several supplements thereto, so far as the same are applicable.

11. And be it enacted, That this act shall take effect immediately.

Approved March 27, 1874.

CHAPTER DXII.

An act to incorporate the Camden Building, Manufacturing and Improvement Company.

corporators

1. Be it ENACTED by the Senate and General Assembly of the State of New Jersey, That Samuel Starr, W. H. C. Stone, Names of H. L. Bonsall, G. B. Carse, George Campbell, James E. Hayes, J. C. Nichols, and all such other persons as may hereafter be associated with them, their successors and assigns, shall be and they are hereby constituted and declared a body cor